Write the complete solution and cra form

Assignment Help Financial Accounting

Reference no: EM131165645

Write the complete solution(include calculation and CRA forms) for the following questions

1. Use the CRA forms (T1 and necessary schedules) to answer the question. You need to navigate your way to locate the forms:

https://www.cra-arc.gc.ca/menu-eng.html

Calculate the Federal tax payable for the year 2015 for Mrs. Smith, given the following information:
•Employment income: $142,000
•Actual dividends: $6,400 (these are "eligible dividends")
•Employee CPP contribution: $ 920
•EI premium: $730
•Registered Pension Plan Contribution: $6,800
•Union dues: $620
•RRSP contribution: $5,000
•Prize from winning the lottery: $25,400
•Life Insurance benefit payment received: $105,300
•Interest income: $18,000
•Tuition fees: $5,560 (was in school full time from January to April and parttime from May to August)
•Charitable donations: $5,320
•Federal income tax deducted: $19,800
(Assume no more CPP contribution is required.)

Reference no: EM131165645

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